Filing Flows › PG&E (PCG) › Q2 2026 › vs Q1 2026
PG&E (PCG) Q2 2026 vs Q1 2026 (quarter over quarter)
PG&E's revenue fell $979M (-14%) from $6.9B in Q1 2026 to $5.9B in Q2 2026. The biggest changes: Electric −$579M (-12%); Natural Gas, US Regulated −$400M (-21%). Operating margin 21.4% against 21.4% (+0.0 pts).
PG&E, Q2 2026: revenue $5.9B (+0.1% year over year), operating margin 21.4%, net earnings $733M, operating cash flow $906M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.4% | 21.4% | +0.0 pts |
| Net margin | 12.4% | 12.5% | -0.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Electric | $4.4B | $5.0B | −$579M | -12% |
| Natural Gas, US Regulated | $1.5B | $1.9B | −$400M | -21% |
| Revenue | $5.9B | $6.9B | −$979M | -14% |
| Operating profit | $1.3B | $1.5B | −$207M | -14% |
| Costs & expenses | $4.6B | $5.4B | −$772M | -14% |
| Pre-tax earnings | $674M | $905M | −$231M | -26% |
| Other expense, net | $589M | $565M | $24.0M | +4% |
| Income tax benefit | $87.0M | −$20.0M | $107M | — |
| Net earnings | $733M | $858M | −$125M | -15% |
| Minority interests | $28.0M | $27.0M | $1.0M | +4% |
| Working capital & other | $173M | $1.6B | −$1.4B | -89% |
| Operating cash flow | $906M | $2.4B | −$1.5B | -63% |
| Capital expenditures | $3.0B | $3.4B | −$389M | -12% |
| Negative free cash flow (OCF − capex) | $2.1B | $926M | $1.1B | +123% |
Questions
How much did PG&E's revenue grow quarter over quarter in Q2 2026?
PG&E's revenue fell $979M (-14%) from $6.9B in Q1 2026 to $5.9B in Q2 2026.
What drove PG&E's revenue change in Q2 2026?
Electric −$579M (-12%); Natural Gas, US Regulated −$400M (-21%).